Oracle Mining Appoints Alan Edwards as Director
October 12 2011 - 4:41PM
Marketwired
Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX
VENTURE:OMN)(OTCQX:OMCCF) is pleased to announce that the
Corporation's Board of Directors has appointed Mr. Alan Edwards as
a director of the Corporation, effective immediately.
Mr. Edwards has three decades of diverse mining industry
experience, including leadership roles at a number of well-known
mines. Included in his extensive career accomplishments are
operations roles at P.T. Freeport Indonesia's Grasberg as Vice
President of Surface Mines and then as Senior Vice President,
Operations; and, as Executive Vice President and Chief Operating
Officer of Apex Silver Mines Corporation, where he was responsible
for the engineering, construction and commissioning of the San
Cristobal mine in Bolivia.
He served as CEO and President of Copper One Inc. from December
2009 to June 2011 and as CEO and President of Frontera Copper Corp.
from September 2007 through February 2009. He is the former Vice
President of Technical Services and Project Development and former
Vice President of Operations of Kinross Gold Corporation. During
the 1980s to mid-1990s, he served in various positions at Phelps
Dodge Corporation, including General Manager of Operations at Chino
Mines Company and Mine Superintendent at Phelps Dodge Morenci
Inc.
Mr. Edwards holds a BSc in Mining Engineering and an MBA in
Finance from the University of Arizona.
"Mr. Edwards's global experience in mine development and
operations, and his extensive knowledge of geology and copper
projects in particular, will bring added strength to Oracle Mining
as we complete our NI 43-101 compliant technical report and
approach our final design and economics study for the re-start of
the Oracle Ridge Copper Mine," said Mr. Paul Eagland, Oracle
Mining's CEO.
The Corporation also announces that Mr. Gregory Radke has
resigned from the Corporation's Board of Directors, effective
today.
Mr. Radke is a director of Melior Resources Inc. ("Melior",
formerly Coalcorp Mining Inc.) and he was Melior's representative
on the Oracle Mining board. Melior was entitled to a board
representative so long as Melior held not less than 5% of Oracle
Mining's issued and outstanding common shares. Melior recently
fully divested its holdings in Oracle Mining and is no longer a
shareholder of the Corporation.
"Mr. Radke was an exemplary director of the Corporation during
his brief tenure and the board benefited from his attention to
strategy and governance," said Mr. Paul Eagland, Oracle Mining's
CEO. "We wish him all the best in his future endeavors."
In addition, the Board of Directors has granted stock options to
Mr. Edwards in conjunction with his appointment as a director of
the Corporation. Options were granted to purchase 150,000 common
shares in the capital of the Corporation, exercisable for a period
of five years at a price of $0.99 per share and subject to the
terms and conditions of the Corporation's Stock Option Plan and TSX
Venture Exchange approval. All share options granted to directors
vest immediately.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX VENTURE:OMN)(OTCQX:OMCCF) is a
Vancouver, Canada-based corporation with a focus on uncovering
overlooked deep-value projects to achieve superior shareholder
returns. The Corporation is the sole owner and operator of Oracle
Ridge Mining LLC and copper mine located 15 miles northeast of
Tucson, Arizona. Oracle Mining has cash on hand of approximately
$12 million, minimal long-term debt and is managed by an
experienced team of mining professionals with extensive operating
and financial experience.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation. These
forward-looking statements are made as of the date of this document
and Oracle Mining Corp. (hereinafter referred to as the
"Corporation") does not intend, and does not assume any obligation,
to update these forward-looking statements. Forward-looking
statements relate to future events or future performance and
reflect management of the Corporation's expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, commodity
prices, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage. In
certain cases, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual
results, performance or achievements of the Corporation to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to
actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices
of resources; possible variations in ore reserves, grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities; as well as those factors detailed from time to time in
the Corporation's interim and annual financial statements and
management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com.
Although the Corporation has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Oracle Mining Corp. Mr. Alex Langer Corporate
Communications 604-689-9293 Oracle Mining Corp. Mr. Jason Mercier
Corporate Secretary
604-689-9261info@oracleminingcorp.comwww.oracleminingcorp.com
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